09 May WHAT IS TRUE ABOUT STATE CORPORATE CONSTITUENCY STATUTES?
University of Chicago Professor Milton Friedman famously said about social responsibility:A-The social responsibility of business is to make money legally.B-Big multinational corporations must solve all the social problems in the world.C-Business is immoral for not helping out in the community.D-When in Rome do as the Romans.0.5 points QUESTION 2What is TRUE about state corporate constituency statutes?A.They allow the board of directors to take into consideration the values of other stakeholders in addition to the shareholders in making business decisions.B.They forbid the board of directors to take into consideration the values of other stakeholders since the shareholders as the owners of the corporation must be the board’s sole and exclusive focus.C.They mandate that the boards of directors must consider the values of other stakeholders in making corporate decisions.D.They require that companies incorporated in the state must donate 3-5% of their pre-tax profits for socially responsible activities.0.5 points QUESTION 3Social responsibility can be bestdescribed as:A-Acting legallyB-Acting morallyC-Taking an active part in one’s community affairs and contributing to charitiesD-All of the above.0.5 points QUESTION 4Notbeing socially responsible most likely subjects one and one’s company to:A-Civil legal liability based on the principle of Last Resort.B-Criminal legal liability based on the principle of Nonfeasance.C-Moral condemnation for the failure to rescue the poor in the local community.D-Criticism in the local community for not being a “good corporate citizen”0.5 points QUESTION 5Which is a FALSE statement about social responsibility?a.Social responsibility is a “real-world” concern for modern business managers; it is not merely an “academic” issue.b.Social responsibility and ethical egoism are mutually exclusive and contradictory values.c.A challenge for business today is to ascertain the exact nature and proper degree of social responsibility.d.Social responsibility activities and contributions are mandated legally for large multinational global corporations by the World Bank and the United Nations.0.5 points QUESTION 6The best approach to social responsibility for business today would be to emulate:a.Robin Hood of “Merry Olde England” days (who stole from the rich to give to the poor and who became a big hero)b.Marie Antoinette Queen of France during the Revolution (who said when told the poor had no bread to eat said “Let them eat cake ” and who alas was beheaded)c.Francis of Assisi the son of a rich Italian merchant who gave away everything to the poor including the clothes he was wearing and thus walked around Assisi naked (but who later became a Saint)d.Home Depot for focusing prudently and primarily on Habitat for Humanity in their charitable giving and community help efforts.
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